Excluding Growth

“Anyone who thinks that you can have infinite growth on a finite planet is either a madman or an economist” – David Attenborough

I have a bit of a bugbear about the way many of us approach economics and the future potential of things like an independent Scotland. We focus rather too much on chasing after “growth”.

This focus permeates much of our thinking about the economy and what we should do to improve it. It frames our analysis of policy to the point where we can sometimes struggle to imagine any kind of alternative. “Growth is good”…even when it’s not.

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But we live in an economy where we have experienced near-constant growth for decades. We have not all been equal participants in that growth. Of the nearly $4.5 trillion added to global GDP between 2016 and 2017, 82% of it was captured by the richest 1% of people. The poorest 50% of people saw no increase in their wealth at all.

Faced with such rampantly growing inequality, there have been steps taken to try to, if not solve the problem, at least make a it more palatable to voters.

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